The Solana platform AgriDex, which focuses on the tokenization of agricultural products, has raised $9 million this year and has completed the first blockchain-based agricultural product transaction on Solana. AgriDex focuses on tokenizing agricultural products such as sugar, grains, and wine, aiming to achieve supply chain transparency to enhance transaction efficiency.
The agricultural product tokenization platform AgriDex has successfully completed its first agricultural product transaction on Solana
AgriDex is a platform for the tokenization of agricultural products based on Solana, focusing on the tokenization of products like sugar, grains, and olive oil, which can circulate in the global market. Each transaction is recorded through NFTs, including product prices, ingredients, expiration dates, payments, and logistics information, ensuring transparency and immutability of transactions.
AgriDex's services are not limited to farmers and consumers; they also provide efficient supply chain solutions for governments and investors. According to AgriDex CEO Henry Duckworth, AgriDex will save related businesses billions of dollars annually in the future. Currently, the AgriDex team has over 20 members and plans to recruit more professionals in the future.
AgriDex has already completed its first agricultural product tokenization transaction on Solana, facilitating the cross-border transport of over 200 bottles of olive oil from South Africa and multiple boxes of wine, with payment completed in seconds and a transaction fee of about $6.45.
Multiple institutions endorse, targeting $4.5 billion in agricultural product transactions
AgriDex completed two rounds of fundraising this year, raising a total of $9 million. Among the participants were the UK venture capital firm Endeavour Ventures, African agricultural company African Crops Limited, and former Goldman Sachs technology chief Hank Oberoi.
These funds will primarily be used for AgriDex's technology development and business expansion, as well as handling the tokenization of agricultural transactions valued at $4.5 billion. In the future, new agricultural products such as West African cocoa beans and Eastern European wheat will be added. Currently, AgriDex has also facilitated several agricultural transactions, including wine, olive oil, coffee, and royal breeding bulls from the UK.
$AGRI token future plans
AgriDex launched the platform token $AGRI in the third quarter of this year and will use the token to encourage increased transaction volume, community participation, and user interaction with the platform. At the same time, AgriDex is offering 50 million $AGRI tokens as part of an airdrop plan, which will be distributed in the future.
To stabilize the token price, AgriDex will use 50% of the platform profits for token buybacks and burns. It is expected that revenue will reach $1.93 million in 2025 and exceed $23.3 million in 2026. Currently, the total market capitalization of $AGRI is $8.3 million.
The total market capitalization of the AgriDex platform token $AGRI is currently $8.3 million
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This article states that the agricultural product tokenization platform AgriDex has gained favor with institutions like Goldman Sachs, targeting $4.5 billion in agricultural product transactions, first appearing in Chain News ABMedia.